Your Startup Has Had a Successful Funding Round – Now What?
I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.
Here are a few of the most important steps you can take following a successful funding round to continue building on your momentum:
- Invest capital where you’ll see the biggest impact. While it may be tempting to immediately jump on developing new product lines or to move into a huge new workspace, take the time to determine where those funds could truly make a difference. If the demand for new services or a product expansion doesn’t exist, why put funds towards something that won’t sell? Likewise, if you haven’t attracted new talent and hired on new staff, why invest in space that will go unused? It’s important to be precise and analyze where those funds are most in need to continue lean operations and smart money management.
- Maintain (and hone) your vision. Remember that pitch you made to investors? Don’t just set it aside – now is the time to really assess where you want your business to grow and start taking the necessary steps to get there. Now that you know what you’re working with, now is the time to start refining your plans. Do you want to improve your customer acquisition strategy? Don’t just increase your advertising spend. Research best practices in marketing, determine how to engage with leads, and consider scaling your sales team. Do you want to build partnerships with retailers or distributors? Dedicate time to building relationships with companies that are in line with your startup’s core values, work on improving your KPIs, and begin strategising for the eventual discussion about inventory and pricing.
Do you need more detail on this subject? Head on over to the full article HERE for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on +1(202) 516-7990.
Talk soon,